“Absa has faced criticism for sinking 0.3% of its Money Market clients’ investments in the wake of African Bank’s crash and bailout. Absa Money Market (AAM) clients were notified as late as Tuesday (19 August) that the fund had removed all African Bank investments from its market. Absa had to adjust the value of its Money Market by 0.3%, effectively swiping that value off of clients’ investments, providing a 0% interest rate for the period. With a money market value of R52.8 billion, Absa in effect swiped off R158.4 million in investments. Money Market clients were not impressed with the news, and even less so that they were notified long after the move.”
http://businesstech.co.za/news/banking/66332/why-absa-took-0-3-of-clients-money/
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
General allegedly blocked probe of ‘Auschwitz-like’ Kabul hospital
China, Switzerland sign free trade agreement
A Texan tragedy: Plenty of oil, but no water
Barclays fined $44 million over gold price fixing
Puerto Rico Boxing Legend Blew $63 Million On Gov't Bonds
Vietnam says bitcoin transactions are illegal
Iran amends stoning-for-adultery law to allow judges discretion on type of execution
Prosecutors Move To Seize Jesse Jackson, Jr.’s Homes
School districts pay dearly for bonds
ObamaCare slams smokers with sky-high premium costs that could backfire
It’s Adapt or Die in the New Saudi Economy
Edward Snowden’s travels overshadow his leaks in U.S. media
The dangerous drift towards world war in Asia
Alfred McCoy: The Future of the American Empire
Myanmar Stock Exchange Launch Moved Up To 2013 After Security Exchange Law Passed